My impression is that this has some legs... But I guess people need to bring their own bitcoin and pay to view/see content.

Although some see the steem currency as a ponzi scheme or as a problem - I dont think that is fair. Steem and steem dollars are backed by the site and the social connections / knowledge made here. Given that facebook, twitter and other social networks are worth billions on the stock market, i believe steem can legitimately issue this cryptocurrency. The price might fluctuate in the meantime. Some will profit, some will lose. But those who invest in the site long term will see the biggest benefits